Written Commentary
Morning Livestock Outlook
Technically, October cattle dropped Wednesday to where August settled at $104.50. It went through it to the support of July 28th at 103.65 and closed where August settled. Volume was light as it dropped but found buyers at 103.65 and reversed off the low to settle at 104.47. Wednesday was a technical trading day.
Need to monitor weights. Falling weights show packers want hogs. We feel hog numbers will drop over next two to three months before rebuilding late 2020 into 2021. Could see 2% to 4% decline due to sows aborted and not bred during March 2020 through early May 2020.
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